Russell Stover Candies

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Russell Stover Chocolates
TypeSubsidiary[1]
IndustryChocolate confections
Founded1923; 98 years ago (1923)
Denver, Colorado, U.S.
Founders
Clara Stover
Headquarters
Kansas City, Missouri
,
U.S.
Number of locations
Manufacturing - Iola, Kansas; Abilene, Kansas; Corsicana, Texas
ProductsChocolate Confections
OwnerLindt & Sprüngli
ParentLindt & Sprüngli
SubsidiariesWhitman's and Pangburn's Chocolates
Websitehttp://www.russellstover.com/
, co-founder with , of the "Eskimo Pie" ice cream bar, portrait from 1922
Russell Stover headquarters in Kansas City, Missouri

Russell Stover Chocolates, Inc., founded by Russell Stover, an American chemist and entrepreneur, and his wife Clara Stover in 1923, is an American supplier of candy, chocolate, and confections. The corporate headquarters are in Kansas City, Missouri.

In July 2014 the company was acquired by the Swiss chocolatier Lindt & Sprüngli for $1.6 billion.[2][3]


History[]

Eskimo Pie years[]

Russell Stover Candies did not start with candy. In 1921, Russell Stover and his partner at the time, Iowa schoolteacher , created a chocolate-dipped ice cream sandwhich. At a dinner party, Russell's wife Clara Stover suggested calling it an Eskimo Pie. The product was a success for them, and they began licensing manufacturers to produce it.[4][unreliable source?]

Chocolate candies[]

As other companies[which?] soon began to release similar chocolate-dipped ice cream products, Russell Stover was nearly forced out of business.[citation needed] The Stovers sold their share of the company for $25,000 and moved to Denver, Colorado.[when?] In 1923, Russell and Clara created a new company from their home, packaging and selling boxed chocolates. They were originally named "Mrs. Stover's Bungalow Candies". However, 20 years later, in 1943, it was renamed Russell Stover Candies.[5]

Expansion[]

The company remained in the Stover family until 1969 when it was purchased by Louis Ward,[citation needed] who transformed the Midwest regional brand into a world-wide brand.[promotional language] The company expanded its chocolate brands by acquiring Whitman's in 1993 and Pangburn's in 1999.[5][6]

Acquisition by Lindt & Sprüngli and restructuring[]

Swiss chocolate maker Lindt bought Russell Stover Candies from the Ward family on July 14, 2014.[7] Spurred by strong sales in 2019, Russell Stover Chocolates announced plans to expand its Iola, Kansas, Abilene, Kansas, and Corsicana, Texas facilities. It also announced that its facility in Montrose, Colorado and several retail stores and distribution centers across the US will close in 2021.[8]

References[]

  1. ^ Smith, Aaron (July 14, 2014). "Lindt & Sprüngli to take over Russell Stover". CNNMoney.
  2. ^ Bray, Chad. "Swiss Chocolate Maker Lindt Will Buy Russell Stover Candies". DealBook. Retrieved 12 June 2017.
  3. ^ Davis, Mark (March 10, 2015). "Lindt & Sprüngli paid $1.6 billion for Russell Stover". The Kansas City Star. Retrieved August 21, 2021.
  4. ^ "History of Russell Stover Candies Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved August 21, 2021.
  5. ^ Jump up to: a b "Russell Stover Chocolates Timeline - Russell Stover Chocolates". www.russellstover.com. Retrieved 12 June 2017.
  6. ^ "Brands That I Love". 1 March 2003. Retrieved 12 June 2017.
  7. ^ Bray, Chad. "Swiss Chocolate Maker Lindt Will Buy Russell Stover Candies". DealBook. Retrieved 12 June 2017.
  8. ^ Collins, Leslie (January 14, 2020). "Russell Stover's new box of chocolates: expansion, hiring, job cuts". www.bizjournals.com. American City Business Journals. Retrieved 2021-08-22.

External links[]

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